Government approves 8 FDI proposals worth Rs 35 crore

NEW DELHI: Government has cleared eight foreign investment proposals worth about Rs 34.77 crore including that of CSC Computer Sciences International Operations and Life Positive Pvt Ltd.

"Based on the recommendations of Foreign Investment Promotion Board (FIPB)...government has approved 8 proposals of Foreign Direct Investment amounting to Rs 34.77 crore approximately," an official release said today.

The UK-based CSC Computer Sciences International Operations has sought permission for setting up a proposed LLP with an investment of about Rs 30 crore.

While, Life Positive seeks to increase foreign equity participation from existing 96 per cent to 99 per cent and induction of further FDI of about Rs 4.61 crore by foreign collaborators.

Among others, government cleared proposals of Mahanagar Gas Limited, Medicamen Biotech Ltd, TutorVista Global Private Ltd, Ventura (India) Pvt Ltd, Syssmart Services LLP and Mahindra CIE Automotive Ltd.

In the FIPB meeting, one proposal relating to pharma firm Lupin Ltd was recommended for consideration of Cabinet Committee on Economic Affairs (CCEA) as the investment involved was of above Rs 1,200 crore, said the release.

Lupin seeks to increase the aggregate limit of investment by FIIs under the Portfolio Investment Scheme to 49 per cent.

A total of 12 proposals were deferred that included Syngene International Ltd, India Value Fund IV, SME Capital Market Corporation, SNC-Lavalin Mauritius Ltd and Verint Systems (India) Pvt Ltd.

While, two applicants -- Today Magazines Lifestyle Private Limited and TC Capital Managers -- withdrew their overseas investment proposals.